Monzo Bank harrasment

LunaLater

leeb2931 said:

[Deleted User] said:

You are not entitled to hold a bank account. You choose to open an account at said bank and are subject to their rules. We must move away from the cradle to grave thinking I am afraid. The problem is, is that you have defined it as harassment. It speaks volumes. Monzo may well be using the info for other reasons. It will be in the small print. Perhaps you could read their terms?

It’s not the issue that they are asking. The issue is they won’t be open and transparent what purposes the data is used for, and they won’t rule out using the data for non regulatory purposes. They just simply state the data maybe used for any of their purposes.

Thats a pretty wide net to cast in my opinion.

Maybe as others have suggested it’s time to close the account and fallback to one of my other accounts.

It is used to show, to their auditors, board, and the regulators, that they know who they are dealing with. This is important for a few reasons, but one is to show that they are doing their best to minimise the risk of financial crime and money laundering.

As others have said, banks do have some latitude about how often they need to check data, what they take as adequate evidence, and banks will also from time to time have a regulator or auditor suggest it’s time to tighten things up.

This is why they ask. There is nothing nefarious about it, and if you continue to refuse to give them the information then they will most likely close your account.

eskbanker

leeb2931 said:
The issue is they won’t be open and transparent what purposes the data is used for, and they won’t rule out using the data for non regulatory purposes. They just simply state the data maybe used for any of their purposes.

Thats a pretty wide net to cast in my opinion.

Like any other institution handling personal data, they have to publish information about what they do with your data, so theirs is at https://monzo.com/legal/privacy-notice#customer-accounts

If it's not the level of detail that you're hoping for then they won't amplify on it, as it will have been carefully prepared and worded.

I note that this is all moot anyway if you're going elsewhere, but it would surprise me if the corresponding privacy notices published by their competitors are radically different....